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RESOLUTION NO.2025-037 <br />RESOLUTION AWARDING THE SALE OF GENERAL <br />OBLIGATION CAPITAL IMPROVEMENT PLAN BONDS, <br />SERIES 2025A, IN THE ORIGINAL AGGREGATE PRINCIPAL <br />AMOUNT OF $[3,080,000]; FIXING THEIR FORM AND <br />SPECIFICATIONS; DIRECTING THEIR EXECUTION AND <br />DELIVERY; AND PROVIDING FOR THEIR PAYMENT <br />BE IT RESOLVED by the City Council (the "Council") of City of Arden Hills, Ramsey County, <br />Minnesota (the "City"), as follows: <br />Section 1. Findings, Determinations; Sale of Bonds. <br />1.01 Back round. It is hereby determined that: <br />(a) The City is authorized by Minnesota Statutes, Chapter 475, as amended (the <br />"Act"), including Minnesota Statutes, Section 475.521, as amended ("Section 475.521 "), to prepare <br />a capital improvement plan providing for the construction of certain capital improvements and to <br />finance such improvements through the issuance of general obligation capital improvement plan <br />bonds. <br />(b) On February 10, 2025, the Council adopted a resolution (the "Intent Resolution") <br />stating the intention of the City to issue and sell its General Obligation Capital Improvement Plan <br />Bonds, Series 2025A (the "Bonds"), pursuant to the Act, including Section 475.521, in the proposed <br />aggregate principal amount of $4,680,000, to finance the City's proportionate share of the costs of <br />constructing and equipping a new fire station within the City (the "Project"). <br />(c) On March 10, 2025, the Council held a public hearing regarding a five-year capital <br />improvement plan for the years 2025 through 2029 (the "Plan") which included the Project. <br />Following the public hearing, the Council adopted a resolution approving the Plan and authorizing <br />the issuance of bonds to finance the Project. <br />(d) The Council has determined that, within 30 days after the hearing, no petition for <br />a referendum on the issuance of bonds to pay costs of the Project was received by the City in <br />accordance with Section 475.521. <br />(e) The Council has further determined that: <br />G) the expected useful life of the Project will be at least 5 years; and <br />(ii) the amount of principal and interest due in any year on all outstanding <br />bonds issued by the City pursuant to Section 475.521, including the Bonds <br />(as defined below), will not exceed 0.16% of the estimated market value <br />of property in the City. <br />(f) The City is authorized by Section 475.60, subdivision 2(9), of the Act to sell the <br />Bonds other than pursuant to a competitive sale because the City has retained Ehlers and <br />DOCSOPEN-AR200-22-1009630A-4/21/25 2 <br />